Thailand's central bank to tighten control over large cash withdrawals

Bangkok, Feb. 25 -- The Bank of Thailand (BOT) is preparing new regulations to strengthen oversight of large cash withdrawals, requiring customers to declare the purpose of transactions exceeding 5 million THB (about 161,000 USD).

BOT Governor Witai Rattanagorn announced the plan at the "PostToday Thailand Economic Drives 2026" seminar. The central bank will require financial institutions to closely scrutinise large cash withdrawals and report suspicious transactions, particularly during election periods. Relevant information will be shared with the Anti-Money Laundering Office (AMLO) and the Securities and Exchange Commission (SEC) to prevent potential illicit activities.

Guidelines expected in early or mid-March will mandate enhanced du...